With the notable exception of Wal-Mart Stores Inc., most of the nation’s retailers posted sharp sales declines in January.

Plagued with layoffs and a deepening recession, consumers have cut spending drastically in recent months to the detriment of retailers.

The bright spot in January was Wal-Mart. The world’s largest retailer posted a 2.1 percent increase in same-store sales, excluding fuel. That was better than the 1.1 percent gain pegged in a poll of analysts. The Arkansas-based company said same-store sales were strong in grocery and health and wellness.

Macy’s Inc., which announced Monday that it would cut 7,000 jobs, reported a 4.5 percent decline in same-store sales, not as bad as analysts’ expectations.

Costco Wholesale Corp. reported a 2 percent drop in same-store sales, a little better than the 2.8 percent decline that Wall Street expected. The warehouse operator warned that its profit for the quarter ending in February will “substantially” miss Wall Street estimates due to poor sales and margins.

Industries:

Comments

If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.